Cooperative Chiefs Jailed for N4.8m Fraud

Felix Maduegbuna and Stephen Fakrogha, former chairman and secretary, respectively, of Orgba Multi-Purpose Co-operative Society Limited,Gboko,Benue State whose trial on a two-count charge bordering on conspiracy and criminal breach of trust,started on June 29,2012 have been found guilty of the charge brought against them by the Economic and Financial Crimes Commission.

The Ministry of Mines and Steel Development, MMSD, is said to have awarded the above Co-operative Society the sum of N4,826,850 for the procurement of certain specified equipment.

The duo however breached the agreement entered into with MMSD and diverted the said money by granting loans to all the members of the Society, at the rate of N300,000 (three hundred thousand naira) contrary to the purpose for which the loan was granted them.

Felix-Maduegbuna2-and-StephJustice Ademola Adeniyi of the Federal Capital Territory High Court, Apo, Abuja found the accused guilty of the charge brought against them and sentenced them to three months imprisonment each on count one, with an option of fine in the sum of N1,250,000 (one million, two hundred and fifty thousand naira).

He also found them guilty of count two, and sentenced them to two years imprisonment with an option of fine in the sum of N1,250,000 (one million, two hundred and fifty thousand naira).

The sentences are to run consecutively.

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